Q4 Daft.ie House Price Report 2025

Link to full report Welcome to the revamped Daft.ie House Price Report. Our review of 2025 finds similar signals across both list prices and transaction prices – a slight slowdown in inflation. List prices rose by 5.5% in 2025, compared to 6.8% in 2024. And early indications are that transaction prices (based on transactions matched to listings) rose by 7.4% compared to 8.7% in 2024.

Nonetheless, despite the modest decline in the speed of increases, the market remains very tight. As our market heat measure shows, the gap between the initial list price and the ultimate transaction price is close to a record high, at over 6%.

The volume of second-hand homes put up for sale over the course of the year was just over 53,000 – this down compared to peak in early 2023 of 63,000, before the interest rate shock kicked in. And it’s also down about 10% compared to the pre-covid level.

A fall-off in supply of about 10% is one thing. But trends in availability on the market – which reflects both supply and demand – are worse. There were only 11,500 second-hand homes available to buy on December 1. While that’s up 7% year-on-year, it is less than half the pre-covid average of over 26,000. And Dublin partially offsets this, as its supply picture is rosier than elsewhere. 

All of this is reflected in regional differences in the rate of price increases, shown below. Dublin had a smaller percentage increase in prices in 2025 than other regions – a repeat of the pattern since 2020. Prices are up 28% in the capital since 2020Q1 – but up by 67% in Connacht-Ulster (outside of Galway city).

The price dynamics that we are seeing are merely a reflection, as ever, of the interaction between underlying demand and supply. Much commentary – including much of mine – focuses on the supply of newly-built homes. And this is, of course, important. The country requires, realistically, over 60,000 homes a year every year for decades to address the housing deficit built up over the last generation and to meet new housing requirements.

But the second-hand market is still the dominant source of supply for homes to purchase. The figure below shows trends in second-hand supply, for each of the five regions covered in the report. The measure is the total number of homes listed for sale over the previous 12 months, with each region’s total for 2019 set to a value of 1, so the scales can be compared. 

This shows very different dynamics between Dublin and the rest of the country over the last ten years. Dublin saw a bigger increase in second-hand supply between 2017 and 2019 than elsewhere, where the gains were more incremental.

Covid lockdowns had a big impact, everywhere, and the immediate recovery in 2022 was uneven: Dublin was back to the same level of supply, while Munster was still 20% below.

During 2023, the interest shock kicked in, drying up supply in the second-hand market. Since 2024, that has started to unwind – but again the size of the shock and the recovery during 2025 is very different. While in Dublin, second-hand supply is almost back to 2019 levels, in Munster, it is still one third below. Without supply, healthier conditions – more stable prices – will still be out of reach.